Gulf oil ministers meet on prices

Monday, September 27, 2004

ABU DHABI GCC oil ministers plan to meet in Abu Dhabi to discuss oil prices.

The meetings are part of a two-day conference scheduled to begin on Sept. 26 entitled "Gulf Oil and Gas Sector: Potential and Constraints."

The conference is being sponsored by the Emirates Centre for Strategic Studies and Research and is meant to focus on the energy market.

A report by the Center for Global Energy Studies asserted that the price of crude oil was no longer under OPEC control, Middle East Newsline reported. The report said OPEC, with spare production capacity of 1.5 million barrels per day, does not have sufficient capacity to significantly reduce oil prices, which have exceeded $47 a barrel.

Organizers said the conference would be opened by Qatari Oil Minister Abdullah Bin Hamad Al Attiyah. They said leading analysts have submitted studies on such issues as investment in the GCC's oil sector, Iraq and OPEC policies.

GCC states have been among the biggest oil producers in the global market.

Saudi Arabia has led the way with a daily oil output of 9.5 million barrels.

Copyright 2004 East West Services, Inc.

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